Lawson upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst Sho Kawano upgraded Lawson to Neutral from Sell with a price target of 5,500 yen, up from 4,000 yen. The firm said the biggest surprise of the company’s latest results announcement was the announcement of a significant increase to the minimum DPS over the next three years, and the strengthening of the overall shareholder return policy. Goldman said it is switching to a dividend-yield-based price target model for Lawson.